ATA Lands Private Equity Investment From Copley Equity Partners

Top 200 accounting firm ATA has joined the private equity party, announcing this week that it’s receiving a minority investment from Boston-based Copley Equity Partners.

ATA partners will maintain majority control of the firm, and its executive and leadership teams will stay intact, including managing partner John Whybrew, who has led Jackson, TN-based ATA since 2016.

Through this partnership with Copley Equity, ATA said it plans to enhance its talent, technology, and internal operations, as well as continue its long-term plan of exploring strategic acquisition and growth opportunities to better serve its clients and employees.

Much like other public accounting firms that have received a private equity infusion—Citrin Cooperman, Grant Thornton, and, most recently, Doeren Mayhew, to name a few—ATA will operate in an alternative practice structure. ATA CPAs + Advisors PLLC, a licensed CPA firm, has been renamed ATA PLLC and provides audit and assurance services, while ATA Advisory LLC provides non-attest services, including tax and advisory services.

“In planning for our future, ATA sought a capital partner who could help the company expand our service offerings, grow into additional markets, and continue to improve our tools and people resources. We are very excited to partner with Copley Equity, which brings a strong track record of supporting the growth of the companies with whom they partner,” Whybrew said in a statement.

Established in 2012, Copley Equity makes investments in privately held, lower-middle-market companies and said it invests out of an “evergreen, single-family office, capital base.” The firm has offices in Boston, Quincy, MA, and Denver.

“Copley is thrilled to partner with ATA,” said Peter Trovato, managing director of Copley Equity. “Combining deep technical expertise with strong community relationships, clients choose to work with ATA year after year. These attributes have made ATA a leading growth platform in the attractive accounting services market. We are excited to support ATA as it continues to recruit top talent, invests in technology solutions, expands into new geographies, and broadens its service offerings.” 

Sean Sullivan, vice president at Copley Equity, added, “Our investment in ATA is the culmination of a multiyear search for a partner in the accounting services space. Among the hundreds of opportunities we reviewed during that process, ATA was a clear standout. We look forward to working with ATA across a range of strategic initiatives in the coming years.” 

Founded in 1946, ATA offers a comprehensive array of tax, audit, accounting, consulting, and wealth management services and is a member of BDO Alliance USA. The firm has approximately 240 employees across 16 offices in Tennessee, Arkansas, Kentucky, Mississippi, and Georgia. ATA had revenues of $40.5 million during its most recent fiscal year, according to INSIDE Public Accounting.